On April 30, 2024, Coca-Cola beverages will go on sale in Chicago.
Scott Olson |
Coke raised its full-year outlook on Tuesday as global demand for its beverages rose in the second quarter.
For 2024, Coca-Cola now expects organic sales growth of 9 to 10 percent, compared to the previous forecast of 8 to 9 percent. The company also increased its forecast for comparable earnings growth from 4 to 5 percent to 5 to 6 percent.
The company's shares rose about 1 percent in premarket trading.
Here's what the company reported compared to Wall Street expectations, based on an analyst survey conducted by LSEG:
- Earnings per share: 84 cents adjusted versus 81 cents expected
- Revenue: $12.36 billion versus expected $11.76 billion
Coca-Cola reported second-quarter net income attributable to shareholders of $2.41 billion, or 56 cents per share. In the same period last year, earnings were $2.55 billion, or 59 cents per share.
Excluding special items, the beverage giant earned 84 cents per share.
Net sales rose 3% to $12.36 billion. Organic revenue, which excludes acquisitions, divestitures and foreign currency movements, rose 15% in the quarter.
Coca-Cola grew its case volume by 2% in the quarter, partly due to international markets. The metric eliminates the impact of pricing and foreign currency to reflect demand.
In North America, however, volume fell by 1% in the quarter. Coca-Cola competitor PepsiCo reported earlier this month that consumer sentiment in the U.S. is weakening, leading to demand for its own beverages and snacks.
Comments are closed.